Sensex Zooms 127 Points to 32285, Nifty Above 10000

Sep 14, 2017, 00:15
Sensex Zooms 127 Points to 32285, Nifty Above 10000

"Markets are expected to trade volatile for at least a month, but with an upside bias".

India's benchmark index Sensex rose for a fifth session on Wednesday, tracking gains in other Asian equities as geopolitical tensions over North Korea's nuclear and missile programme receded.

The S&P BSE Sensex gained 0.09 percent at 32,186 while the broader NSE Nifty declined 0.14 percent at 10,079.

Major gainers in the 30-share index were Sun Pharmaceutical Industries (5.28%), Tata Power Company (5.00%), Reliance Industries (3.85%), Dr Reddy'S Laboratories (2.37%), Tata Motors (0.90%), and Axis Bank (0.70%).

The total market valuation of all listed companies on the BSE today touched a lifetime high of Rs 135.83 lakh crore buoyed by strong gains in the broader market.

Shares of Hindustan Petroleum (down 5.06 per cent), Oberoi Realty (down 3.94 per cent), Adani Power (down 3.77 per cent) and Reliance Communications (down 3.75 per cent) were the major drags on the index.

Building up of positions by participants ahead of July IIP data, and retail inflation for August, to be released later in the day, also added to the buoyant sentiment. Bank of Baroda rose 2.36 per cent.

"Indian markets traded with strength for most of the day before succumbing to selling pressure in the last thirty minutes of trade". Jain Irrigation Systems was trading at Rs 107.55 per share, up by Rs 1.25 or 1.18% as at 1042 hours on Wednesday, on the BSE. The National Stock Exchange Nifty, however, finished 13.75 points in red at 10,079.30 despite trading higher in the morning.

The Sensex and Nifty closed higher for the second consecutive day this week amid global stocks rising on easing of North Korea crisis and weakening of Hurricane Irma.

Auto shares also witnessed buying as the increase in Goods and Services Tax (GST) was less wide-ranging than expected.

"The macro environment seems favorable as the disruptive forces" of demonetization and GST fade, analysts led by Mahesh Nandurkar wrote.